(This story was updated at 3:57 ET with additional details and comments.)
Cannabis multistate operators Cresco Labs and Columbia Care are officially walking away from their planned merger, a deal that was valued at $2 billion when it was announced in March 2022.
There are no costs associated with terminating the deal, according to a Monday news release.
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“In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders,” Charles Bachtell, CEO and co-founder of Chicago-based Cresco Labs, said in a statement.
The deadline to close the deal had been delayed twice, most recently until June 30.
Then, on June 30, the companies announced they had not divested overlapping assets required by marijuana regulators in several states.
The terminated deal also means that the companies’ plans to
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